How well does a monetary dynamic equilibrium model account for chilean data?

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dc.contributor.authorDuncan, Roberto
dc.coverage.spatialCHILEes_ES
dc.date.accessioned2019-11-01T00:02:50Z
dc.date.available2019-11-01T00:02:50Z
dc.date.issued2005
dc.descriptionSince Kydland and Prescott published their influential work in 1982, the literature on monetary real business cycle models has proved its ability to account for regularities in the data for developed countries. Few works, however, attempt to do so for emerging Latin American economies. The aim of this paper is to determine how well a money-in-theutility-function model with a Taylor rule can match some particular monetary stylized facts from the Chilean data between 1986 and 2000. In particular, it focuses on a theoretical explanation for what the empirical literature calls the price puzzle, namely, the comovement between the interest rate and the inflation rate. This is considered a puzzle because the traditional Mundell-Fleming model predicts that a positive change in the interest rate—that is, a restrictive monetary policy—should cause a decrease in private spending and thus a fall in the inflation rate.
dc.file.nameBCCh-sbc-v09-p189_220
dc.format.pdf
dc.format.extentSección o Parte de un Documento
dc.format.mediump. 189-220
dc.identifier.isbn956-7421-21-8
dc.identifier.urihttps://hdl.handle.net/20.500.12580/3697
dc.language.isoeng
dc.publisherBanco Central de Chile
dc.relation.ispartofSeries on Central Banking, Analysis, and Economic Policies, no. 9
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cl/*
dc.subjectEQUILIBRIO (ECONOMÍA)es_ES
dc.subjectCICLOS ECONÓMICOSes_ES
dc.titleHow well does a monetary dynamic equilibrium model account for chilean data?
dc.type.docArtículo

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